I presented my financial plan last Monday to a panel of RFPs (Registered Financial Planner) and although I have to countercheck some of my figures and add some charts that require ninja level Excel skills, I’m still mighty glad that it’s over.
My takeaway from that experience was that a comprehensive financial plan means just that, comprehensive. It’s better to hammer the client with all sorts of projections and simulations, than to whiz through your report. But at the same time, the plan has to be easy to comprehend and doable for the client.
One panelist’s comment to another presenter was that her figures seemed to be inflated. While that’s ok if the client can afford it, for others who are on the other end of the financial spectrum, bloated figures might just prove to be discouraging. That’s why there’s a need to try to be spot-on with figures and projections.
At this point, I’ll be getting back to my client for some more information that I will need to tweak her financial plan and I’ll be studying up on Excel in order to bring up my current skill level of puny mortal to a nunchuck wielding ninja. Hopefully, in about a month’s time, I can already incorporate the panel’s suggestions so that I can resubmit my paper and finally get my RFP certification.